Last out of the blocks with January air freight data is IATA, confirming that, indeed, the first month of the year was not a good one for air freight. Freight tonne km grew 1.8% on a year earlier, the slowest rate of growth in three years. IATA did note that the start of the year could bring volatility, but said there was no evidence that the earlier Chinese new year had any affect. It also added that a previous temporary surge in the restocking cycle did not explain the weakness. But the PMI continues to be at low levels. Underperforming regions include Asia Pacific, the Middle East, Latin America and Europe. In fact, just Africa and North America saw gains, however slight. You can read the full report here.

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